–Gold traders now look ahead to next week and movements in gold prices will be taking cues from the FOMC interest rate decision on Wednesday and Q3 GDP data on Friday.
–It is highly unlikely for the Fed to change its QE3 decision in the October 2 day FOMC meeting, which concludes Wednesday.
–Although the central bank is not expected to alter its policy stance, investors will be closely eyeing the accompanying statement for an updated assessment of the domestic economy.
–If the Fed adds concerns about inflation and rising prices, gold prices will remain well supported as investors flock into gold bullion as a traditional hedge against inflationary pressures.
–The Fed may also keep focus on what to do when Operation Twist ends in December.
[Written forexpros]
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